The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

High value dealers, [F1 casinos, auction platforms and art market participants] U.K.

14.—(1) In these Regulations—

(a) “high value dealer” means a firm or sole trader who by way of business trades in goods (including an auctioneer dealing in goods), when the trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked;

(b) “casino” means the holder of a casino operating licence and, for this purpose, a “casino operating licence” has the meaning given by section 65(2)(a) of the Gambling Act 2005 M1 (nature of licence);

(c) “auction platform” means a platform which auctions two-day spot or five-day futures, within the meanings given by [F2 regulation 2(1) of the UK auctioning regulations], when it carries out activities covered by that regulation.

[F3 (d) “art market participant” means [F4 , subject to paragraph (3),] a firm or sole practitioner who—

(i) by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more; or

(ii) is the operator of a freeport when it, or any other firm or sole practitioner, by way of business stores works of art in the freeport and the value of the works of art so stored for a person, or a series of linked persons, amounts to 10,000 euros or more;

(e) “freeport” means a warehouse or storage facility within an area designated by the Treasury as a special area for customs purposes pursuant to section 100A(1) of the Customs and Excise Management Act 1979 (designation of free zones) M2 ;

(f) “work of art” means anything which, in accordance with section 21(6) to (6B) of the Value Added Tax Act 1994 (value of imported goods) M3 , is a work of art for the purposes of section 21(5)(a) of that Act.]

(2) A payment does not cease to be a “payment in cash” for the purposes of paragraph (1)(a) if cash is paid by or on behalf of the person making the payment—

(a) to a person other than the other party to the transaction for the benefit of the other party, or

(b) into a bank account for the benefit of the other party to the transaction.

[F5 (3) A firm or sole practitioner is not an art market participant for the purposes of paragraph (1)(d)(i) in relation to the sale of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner.]

Textual Amendments

F1 Words in reg. 14 heading substituted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 4(5)

F2 Words in reg. 14(1)(c) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 8(4)

F3 Reg. 14(1)(d)-(f) inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 4(6)

F4 Words in reg. 14(1)(d) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 7(a)

F5 Reg. 14(3) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 7(b)

Marginal Citations

M1 2005 c.19.

M2 1979 c. 2. Section 100A was inserted by the Finance Act 1984 (c.2), section 8 and (c.43), Schedule 4.

M3 1994 c. 23. Sections 21(6) to (6B) were inserted by section 12(2) of the Finance Act 1999 (c.16).